What is OPAL Fuels' operating income?

OPAL Fuels' total operating income in 2025 was $7.41 million, based on the following breakdown: Total Gross Profit: $106.18 million Total Operating Expenses: $98.77 million

OPAL Fuels (OPAL) Financials

$2.01 -0.10 (-4.74%)

Closing price 07/9/2026 04:00 PM Eastern

Extended Trading

$2.05 +0.04 (+1.94%)

As of 07:22 AM Eastern

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Annual Income Statements for OPAL Fuels

This table shows OPAL Fuels' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	0.00	3.39	19	0.56	4.28
Consolidated Net Income / (Loss)	41	33	127	14	36
Net Income / (Loss) Continuing Operations	41	33	127	14	36
Total Pre-Tax Income	41	33	127	5.42	-16
Total Operating Income	11	7.56	7.04	21	7.41
Total Gross Profit	51	73	72	100	106
Total Revenue	166	236	256	300	349
Operating Revenue	166	236	256	300	349
Total Cost of Revenue	115	163	184	200	243
Operating Cost of Revenue	115	163	184	200	243
Total Operating Expenses	40	65	65	79	99
Selling, General & Admin Expense	29	51	51	53	64
Research & Development Expense	-	6.44	4.87	19	15
Depreciation Expense	11	13	15	18	22
Other Operating Expenses / (Income)	-	-5.78	-5.53	-13	-2.63
Impairment Charge	-	-	0.00	2.02	0.00
Total Other Income / (Expense), net	30	25	120	-16	-24
Interest Expense	7.47	6.64	11	22	28
Interest & Investment Income	37	-	-	1.92	1.25
Other Income / (Expense), net	0.10	32	131	3.81	2.53
Income Tax Expense	0.00	0.00	0.00	-8.91	-53
Preferred Stock Dividends Declared	0.21	7.93	11	10	10
Net Income / (Loss) Attributable to Noncontrolling Interest	41	21	97	3.29	22
Basic Earnings per Share	$0.00	$0.13	$0.70	$0.02	$0.15
Weighted Average Basic Shares Outstanding	0.00	25.77M	27.15M	27.62M	28.14M
Diluted Earnings per Share	$0.00	$0.12	$0.69	$0.02	$0.15
Weighted Average Diluted Shares Outstanding	0.00	26.06M	27.49M	27.69M	29.25M
Weighted Average Basic & Diluted Shares Outstanding	0.00	172.04M	172.48M	172.83M	173.40M

This table shows OPAL Fuels' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-0.40	2.99	-0.32	-0.15	2.36	-1.33	-0.24	0.80	1.45	2.27	-2.64
Consolidated Net Income / (Loss)	0.23	20	0.68	1.91	17	-5.37	1.28	7.56	11	16	-5.59
Net Income / (Loss) Continuing Operations	0.23	20	0.68	1.91	17	-5.37	1.28	7.56	11	16	-5.59
Total Pre-Tax Income	0.23	20	0.68	1.91	8.20	-5.37	-6.75	-6.13	-3.18	-0.27	-11
Total Operating Income	3.60	21	3.57	5.69	12	-0.35	-1.94	-0.83	3.59	6.60	-4.84
Total Gross Profit	20	33	17	23	33	28	27	23	25	31	20
Total Revenue	71	87	65	71	84	80	85	80	83	100	73
Operating Revenue	71	87	65	71	84	80	85	80	83	100	73
Total Cost of Revenue	51	54	48	48	51	52	59	57	58	69	54
Operating Cost of Revenue	51	54	48	48	51	52	59	57	58	69	54
Total Operating Expenses	16	12	13	17	20	28	29	24	22	24	24
Selling, General & Admin Expense	13	11	13	14	13	14	16	17	14	16	15
Research & Development Expense	0.97	0.89	0.79	2.94	6.80	8.59	6.08	3.48	2.54	2.84	1.82
Depreciation Expense	3.74	3.63	3.71	4.27	4.70	5.21	5.94	5.26	5.57	5.70	5.61
Other Operating Expenses / (Income)	-1.73	-4.09	-4.21	-3.80	-3.82	-1.41	0.72	-1.96	-0.64	-0.75	1.76
Total Other Income / (Expense), net	-3.37	-1.29	-2.89	-3.78	-4.11	-5.02	-4.81	-5.30	-6.77	-6.87	-6.46
Interest Expense	3.84	4.17	3.96	4.99	5.03	5.63	6.45	6.37	6.90	8.19	6.64
Interest & Investment Income	-	-	-	-	-	-	0.39	-	-	-	0.76
Other Income / (Expense), net	0.47	2.88	1.07	1.21	0.92	0.61	1.25	1.07	0.13	0.08	-0.58
Income Tax Expense	-	-	0.00	0.00	-8.91	-	-8.04	-14	-15	-16	-5.71
Preferred Stock Dividends Declared	2.78	2.62	2.62	2.62	2.62	2.62	2.62	2.62	2.62	2.62	9.53
Net Income / (Loss) Attributable to Noncontrolling Interest	-2.16	14	-1.63	-0.56	12	-6.65	-1.10	4.14	7.32	11	-12
Basic Earnings per Share	($0.01)	$0.11	($0.01)	($0.01)	$0.09	($0.05)	($0.01)	$0.03	$0.05	$0.08	($0.09)
Weighted Average Basic Shares Outstanding	26.98M	27.15M	27.37M	27.67M	27.71M	27.62M	27.72M	28.27M	28.28M	28.14M	28.30M
Diluted Earnings per Share	($0.01)	$0.10	($0.01)	($0.01)	$0.09	($0.05)	($0.01)	$0.03	$0.05	$0.08	($0.09)
Weighted Average Diluted Shares Outstanding	26.98M	27.49M	27.37M	27.67M	27.74M	27.69M	27.72M	29.23M	29.59M	29.25M	28.30M
Weighted Average Basic & Diluted Shares Outstanding	172.37M	172.48M	172.79M	172.82M	172.83M	172.83M	173.37M	173.40M	173.40M	173.40M	174.76M

This table details how cash moves in and out of OPAL Fuels' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	27	35	-30	-20	0.74
Net Cash From Operating Activities	19	-1.36	38	31	36
Net Cash From Continuing Operating Activities	19	-1.36	38	32	36
Net Income / (Loss) Continuing Operations	41	33	127	14	36
Consolidated Net Income / (Loss)	41	33	127	14	36
Depreciation Expense	10	13	14	18	22
Amortization Expense	0.83	2.71	2.36	1.09	2.71
Non-Cash Adjustments To Reconcile Net Income	-32	-7.08	-105	9.12	7.49
Changes in Operating Assets and Liabilities, net	-1.06	-43	0.20	-11	-33
Net Cash From Investing Activities	-117	-184	-74	-135	-77
Net Cash From Continuing Investing Activities	-117	-184	-74	-135	-77
Purchase of Property, Plant & Equipment	-90	-131	-114	-127	-71
Acquisitions	-21	0.00	-12	-22	-22
Sale of Property, Plant & Equipment	-	-	0.00	0.83	3.00
Sale and/or Maturity of Investments	3.70	13	60	14	13
Net Cash From Financing Activities	125	221	5.90	84	42
Net Cash From Continuing Financing Activities	125	221	5.90	84	42
Repayment of Debt	-24	-86	-171	-2.25	-19
Payment of Dividends	-8.70	0.00	-17	-14	-11
Issuance of Debt	91	45	197	100	70
Issuance of Common Equity	29	0.00	0.37	0.17	1.99
Other Financing Activities, net	38	162	-3.39	-0.63	-0.39
Cash Interest Paid	4.34	7.01	6.93	23	28

This table details how cash moves in and out of OPAL Fuels' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-5.54	26	-15	-10	1.75	5.03	16	-11	0.78	-4.32	109
Net Cash From Operating Activities	-2.96	33	14	0.53	18	1.12	30	-7.87	18	-3.52	13
Net Cash From Continuing Operating Activities	-2.96	33	14	0.53	18	1.12	30	-7.87	18	-3.52	13
Net Income / (Loss) Continuing Operations	0.23	20	0.68	1.91	17	-5.37	1.28	7.56	11	16	-5.59
Consolidated Net Income / (Loss)	0.23	20	0.68	1.91	17	-5.37	1.28	7.56	11	16	-5.59
Depreciation Expense	3.64	3.42	3.56	4.15	4.97	5.11	5.94	5.15	5.79	5.70	5.61
Non-Cash Adjustments To Reconcile Net Income	-1.57	18	-1.42	-0.69	5.92	2.77	2.10	1.79	3.07	0.07	2.88
Changes in Operating Assets and Liabilities, net	-6.06	-8.61	10	-5.24	-11	-1.31	20	-23	-2.75	-27	10
Net Cash From Investing Activities	-17	-29	-22	-32	-32	-48	-9.28	-27	-34	-7.39	-19
Net Cash From Continuing Investing Activities	-17	-29	-22	-32	-32	-48	-9.28	-27	-34	-7.39	-19
Purchase of Property, Plant & Equipment	-20	-22	-27	-23	-23	-54	-12	-22	-27	-9.85	-24
Acquisitions	0.00	-	-1.50	-7.05	-5.41	-	-5.65	-6.07	-4.94	-5.70	-0.98
Sale and/or Maturity of Investments	4.50	-0.34	6.63	-2.41	-3.21	13	7.94	1.16	-1.49	5.16	5.96
Net Cash From Financing Activities	14	21	-6.64	22	17	52	-4.73	23	16	6.59	115
Net Cash From Continuing Financing Activities	14	21	-6.64	22	17	52	-4.73	23	16	6.59	115
Repayment of Debt	-133	-0.74	-0.62	-0.46	-0.79	-0.39	-1.67	-16	-0.87	-0.73	-34
Repurchase of Preferred Equity	-	-	-	-	-	-	0.00	-	-	-	17
Payment of Dividends	-17	-0.11	-5.47	-2.96	-2.67	-2.69	-2.68	-2.67	-2.66	-2.62	-3.51
Issuance of Debt	164	23	-	-	20	55	0.00	-	20	10	128
Issuance of Common Equity	-	0.37	0.10	0.07	-	-	0.00	2.05	-	-0.06	7.40
Other Financing Activities, net	-0.03	-0.57	-0.65	0.02	-	-	-0.38	-0.01	-	-0.00	0.00
Cash Interest Paid	7.07	-1.65	3.24	3.94	1.44	11	6.63	6.68	7.22	7.28	6.75

This table presents OPAL Fuels' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	381	645	755	881	959
Total Current Assets	87	212	128	117	123
Cash & Equivalents	39	40	38	24	24
Restricted Cash	0.00	32	4.40	0.97	1.21
Accounts Receivable	25	44	46	47	62
Inventories, net	5.14	7.31	10	10	11
Prepaid Expenses	5.48	7.63	6.01	24	16
Other Current Assets	9.25	12	7.60	11	8.28
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	294	433	627	764	837
Long-Term Investments	47	52	207	224	231
Noncurrent Note & Lease Receivables	11	1.94	2.30	0.00	8.22
Goodwill	55	55	55	55	55
Other Noncurrent Operating Assets	176	319	361	486	543
Total Liabilities & Shareholders' Equity	381	645	755	881	959
Total Liabilities	286	267	297	416	462
Total Current Liabilities	142	153	74	104	104
Short-Term Debt	94	79	0.00	13	15
Accounts Payable	13	24	21	17	19
Accrued Expenses	13	21	29	65	64
Other Current Liabilities	13	16	10	9.28	6.30
Total Noncurrent Liabilities	144	114	223	312	357
Other Noncurrent Operating Liabilities	21	31	41	27	357
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	94	1,152	935	613	508
Total Equity & Noncontrolling Interests	1.20	-774	-478	-148	-10
Total Preferred & Common Equity	0.01	-801	-479	-148	-13
Total Common Equity	0.01	-801	-479	-148	-13
Common Stock	0.01	0.02	0.02	0.02	0.02
Retained Earnings	0.00	-801	-467	-137	-1.31
Treasury Stock	-	0.00	-12	-12	-12
Accumulated Other Comprehensive Income / (Loss)	0.00	0.20	-0.02	0.15	-0.03
Noncontrolling Interest	1.19	26	0.96	0.62	2.79

This table presents OPAL Fuels' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	723	750	782	831	885	906	917	1,061
Total Current Assets	109	106	105	123	116	123	123	213
Cash & Equivalents	16	28	19	20	40	29	30	133
Restricted Cash	2.46	1.01	0.94	0.95	0.88	0.98	1.08	0.93
Accounts Receivable	31	38	39	55	38	55	53	43
Inventories, net	12	11	11	10	13	13	12	12
Prepaid Expenses	5.21	6.37	6.32	4.67	9.79	12	11	18
Other Current Assets	19	11	15	14	10	11	13	6.78
Plant, Property, & Equipment, net	304	0.00	0.00	0.00	0.00	0.00	0.00	513
Total Noncurrent Assets	311	645	678	708	769	782	794	335
Long-Term Investments	199	206	213	217	219	225	228	224
Noncurrent Note & Lease Receivables	2.18	2.37	2.44	2.51	-	-	-	11
Goodwill	55	55	55	55	55	55	55	55
Other Noncurrent Operating Assets	53	380	407	432	494	503	512	45
Total Liabilities & Shareholders' Equity	723	750	782	831	885	906	917	1,061
Total Liabilities	278	297	328	361	420	432	434	549
Total Current Liabilities	61	75	81	98	102	98	83	97
Short-Term Debt	0.00	1.87	4.21	6.95	1.79	8.06	11	19
Accounts Payable	14	19	21	22	29	28	23	9.63
Accrued Expenses	22	28	32	45	48	43	29	63
Other Current Liabilities	13	12	12	12	13	8.63	8.38	5.07
Total Noncurrent Liabilities	217	222	247	263	319	334	350	452
Other Noncurrent Operating Liabilities	46	30	30	42	33	38	37	452
Commitments & Contingencies	0.00	0.00	0.00	0.00	-	-	0.00	0.00
Redeemable Noncontrolling Interest	1,289	835	727	649	407	496	473	493
Total Equity & Noncontrolling Interests	-844	-382	-273	-179	58	-22	10	18
Total Preferred & Common Equity	-846	-382	-273	-180	57	-25	7.48	8.22
Total Common Equity	-853	-382	-273	-180	57	-25	7.48	8.22
Common Stock	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02
Retained Earnings	-841	-371	-262	-168	69	-13	19	20
Treasury Stock	-12	-12	-12	-12	-12	-12	-12	-12
Accumulated Other Comprehensive Income / (Loss)	0.07	0.04	0.07	-0.03	0.06	0.00	-0.01	0.18
Noncontrolling Interest	1.77	0.72	0.52	0.59	0.63	2.74	2.79	10

This table displays calculated financial ratios and metrics derived from OPAL Fuels' official financial filings.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	77,790,762.00	170,070,427.00	172,374,297.00	-	173,395,214.00
DEI Adjusted Shares Outstanding	77,790,762.00	170,070,427.00	172,374,297.00	-	173,395,214.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	0.02	0.11	-	0.02
Growth Metrics	-	-	-	-	-
Revenue Growth	0.00%	41.78%	8.74%	17.13%	16.34%
EBITDA Growth	0.00%	149.44%	181.96%	-71.44%	-20.21%
EBIT Growth	0.00%	252.53%	253.20%	-81.93%	-60.29%
NOPAT Growth	0.00%	-31.41%	-6.92%	696.87%	-90.75%
Net Income Growth	0.00%	-20.09%	289.90%	-88.72%	154.18%
EPS Growth	0.00%	0.00%	475.00%	-97.10%	650.00%
Operating Cash Flow Growth	0.00%	-107.19%	2,924.28%	-13.68%	16.29%
Free Cash Flow Firm Growth	0.00%	0.00%	78.42%	-151.64%	415.41%
Invested Capital Growth	0.00%	56.88%	9.40%	31.89%	-50.18%
Revenue Q/Q Growth	0.00%	-29.68%	8.60%	-2.28%	5.99%
EBITDA Q/Q Growth	0.00%	186.82%	-6.52%	-34.05%	29.73%
EBIT Q/Q Growth	0.00%	104.72%	-7.26%	-48.94%	181.08%
NOPAT Q/Q Growth	0.00%	-35.28%	214.25%	30.63%	1,467.44%
Net Income Q/Q Growth	0.00%	-27.99%	-8.58%	-63.99%	144.99%
EPS Q/Q Growth	0.00%	-33.33%	-10.39%	-88.24%	650.00%
Operating Cash Flow Q/Q Growth	0.00%	8.74%	50.22%	-49.46%	-11.27%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	93.39%	-142.29%	349.82%
Invested Capital Q/Q Growth	0.00%	0.00%	0.05%	11.39%	-53.36%
Profitability Metrics	-	-	-	-	-
Gross Margin	30.74%	30.88%	28.19%	33.38%	30.43%
EBITDA Margin	13.26%	23.33%	60.49%	14.75%	10.06%
Operating Margin	6.64%	3.21%	2.75%	7.07%	2.12%
EBIT Margin	6.70%	16.65%	54.09%	8.34%	2.85%
Profit (Net Income) Margin	24.54%	13.83%	49.60%	4.78%	10.43%
Tax Burden Percent	100.00%	100.00%	100.00%	264.35%	-222.90%
Interest Burden Percent	366.46%	83.07%	91.70%	21.65%	-164.35%
Effective Tax Rate	0.00%	0.00%	0.00%	-164.35%	0.00%
Return on Invested Capital (ROIC)	5.06%	2.70%	1.97%	12.93%	1.35%
ROIC Less NNEP Spread (ROIC-NNEP)	29.21%	59.93%	-199.89%	166.04%	-31.00%
Return on Net Nonoperating Assets (RNNOA)	37.88%	11.08%	28.45%	-9.82%	6.22%
Return on Equity (ROE)	42.93%	13.78%	30.41%	3.11%	7.56%
Cash Return on Invested Capital (CROIC)	0.00%	-41.59%	-7.02%	-14.57%	68.33%
Operating Return on Assets (OROA)	2.92%	7.65%	19.80%	3.06%	1.08%
Return on Assets (ROA)	10.70%	6.35%	18.15%	1.75%	3.96%
Return on Common Equity (ROCE)	0.01%	-23.34%	-46.58%	-2.11%	-1.27%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-4.07%	-26.53%	-9.65%	0.00%
Net Operating Profit after Tax (NOPAT)	11	7.56	7.04	56	5.19
NOPAT Margin	6.64%	3.21%	2.75%	18.70%	1.49%
Net Nonoperating Expense Percent (NNEP)	-24.16%	-57.23%	201.86%	-153.12%	32.35%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-2.34%	43.27%	105.46%
Cost of Revenue to Revenue	69.26%	69.12%	71.81%	66.62%	69.57%
SG&A Expenses to Revenue	17.69%	21.82%	20.02%	17.71%	18.33%
R&D to Revenue	0.00%	2.73%	1.90%	6.37%	4.28%
Operating Expenses to Revenue	24.10%	27.67%	25.45%	26.30%	28.30%
Earnings before Interest and Taxes (EBIT)	11	39	139	25	9.94
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	22	55	155	44	35
Valuation Ratios	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	0.78	3.72	1.95	1.17
Price to Earnings (P/E)	0.00	54.04	50.25	1,044.36	95.34
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	1.85%	1.99%	0.10%	1.05%
Enterprise Value to Invested Capital (EV/IC)	0.00	3.88	4.82	2.49	2.65
Enterprise Value to Revenue (EV/Rev)	0.00	5.64	7.05	4.09	1.94
Enterprise Value to EBITDA (EV/EBITDA)	0.00	24.19	11.65	27.75	19.29
Enterprise Value to EBIT (EV/EBIT)	0.00	33.89	13.03	49.06	68.14
Enterprise Value to NOPAT (EV/NOPAT)	0.00	175.72	256.34	21.89	130.50
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	47.16	37.17	18.56
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	2.58
Leverage & Solvency	-	-	-	-	-
Debt to Equity	2.23	0.42	0.39	0.60	0.03
Long-Term Debt to Equity	1.24	0.21	0.39	0.57	0.00
Financial Leverage	1.30	0.18	-0.14	-0.06	-0.20
Leverage Ratio	4.01	2.17	1.68	1.77	1.91
Compound Leverage Factor	14.70	1.80	1.54	0.38	-3.14
Debt to Total Capital	69.06%	29.34%	27.84%	37.37%	2.94%
Short-Term Debt to Total Capital	30.65%	14.78%	0.00%	1.46%	2.94%
Long-Term Debt to Total Capital	38.41%	14.56%	27.84%	35.91%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	30.94%	220.40%	147.68%	82.62%	99.58%
Common Equity to Total Capital	0.00%	-149.74%	-75.52%	-19.99%	-2.52%
Debt to EBITDA	9.62	2.85	1.14	6.27	0.43
Net Debt to EBITDA	5.70	-0.59	-0.54	0.65	-6.89
Long-Term Debt to EBITDA	5.35	1.42	1.14	6.03	0.00
Debt to NOPAT	19.22	20.74	25.08	4.95	2.90
Net Debt to NOPAT	11.38	-4.32	-11.82	0.51	-46.59
Long-Term Debt to NOPAT	10.69	10.29	25.08	4.75	0.00
Altman Z-Score	0.00	-0.65	2.09	1.08	0.95
Noncontrolling Interest Sharing Ratio	99.99%	269.34%	253.17%	167.99%	116.76%
Liquidity Ratios	-	-	-	-	-
Current Ratio	0.61	1.39	1.72	1.13	1.18
Quick Ratio	0.46	0.97	1.27	0.69	0.83
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-116	-25	-63	263
Operating Cash Flow to CapEx	21.03%	-1.03%	33.62%	26.13%	53.88%
Free Cash Flow to Firm to Interest Expense	0.00	-17.54	-2.19	-3.23	9.56
Operating Cash Flow to Interest Expense	2.53	-0.20	3.33	1.68	1.33
Operating Cash Flow Less CapEx to Interest Expense	-9.48	-19.99	-6.57	-4.76	-1.14
Efficiency Ratios	-	-	-	-	-
Asset Turnover	0.44	0.46	0.37	0.37	0.38
Accounts Receivable Turnover	6.54	6.84	5.70	6.46	6.44
Inventory Turnover	22.37	26.14	21.01	19.51	22.84
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	9.03	8.85	8.18	8.83	13.45
Days Sales Outstanding (DSO)	55.79	53.38	64.01	56.49	56.66
Days Inventory Outstanding (DIO)	16.31	13.96	17.37	18.71	15.98
Days Payable Outstanding (DPO)	40.44	41.22	44.61	41.35	27.15
Cash Conversion Cycle (CCC)	31.67	26.12	36.77	33.85	45.49
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	218	342	374	494	256
Invested Capital Turnover	0.76	0.84	0.72	0.69	0.91
Increase / (Decrease) in Invested Capital	0.00	124	32	119	-258
Enterprise Value (EV)	0.00	1,329	1,805	1,228	677
Market Capitalization	0.00	183	952	586	408
Book Value per Share	$0.00	($31.81)	($2.78)	($0.86)	($0.07)
Tangible Book Value per Share	($1.48)	($34.06)	($3.10)	($1.18)	($0.39)
Total Capital	307	535	634	743	513
Total Debt	212	157	177	277	15
Total Long-Term Debt	118	78	177	267	0.00
Net Debt	125	-33	-83	29	-242
Capital Expenditures (CapEx)	90	131	114	126	68
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-0.39	0.32	1.11	-0.83	7.91
Debt-free Net Working Capital (DFNWC)	39	138	54	24	34
Net Working Capital (NWC)	-55	59	54	14	18
Net Nonoperating Expense (NNE)	-30	-25	-120	42	-31
Net Nonoperating Obligations (NNO)	123	-36	-83	29	-242
Total Depreciation and Amortization (D&A)	11	16	16	19	25
Debt-free, Cash-free Net Working Capital to Revenue	-0.23%	0.13%	0.43%	-0.28%	2.27%
Debt-free Net Working Capital to Revenue	23.43%	58.63%	20.98%	8.15%	9.61%
Net Working Capital to Revenue	-33.19%	25.08%	20.98%	4.53%	5.29%
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.13	$0.70	$0.02	$0.15
Adjusted Weighted Average Basic Shares Outstanding	38.90M	25.77M	27.15M	27.62M	28.14M
Adjusted Diluted Earnings per Share	$0.00	$0.12	$0.69	$0.02	$0.15
Adjusted Weighted Average Diluted Shares Outstanding	38.90M	26.06M	27.49M	27.69M	29.25M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	172.04M	172.48M	172.83M	173.40M
Normalized Net Operating Profit after Tax (NOPAT)	7.72	5.29	4.93	16	5.19
Normalized NOPAT Margin	4.65%	2.25%	1.92%	5.42%	1.49%
Pre Tax Income Margin	24.54%	13.83%	49.60%	1.81%	-4.68%
Debt Service Ratios	-	-	-	-	-
EBIT to Interest Expense	1.49	5.91	12.05	1.28	0.36
NOPAT to Interest Expense	1.48	1.14	0.61	2.86	0.19
EBIT Less CapEx to Interest Expense	-10.52	-13.88	2.15	-5.17	-2.10
NOPAT Less CapEx to Interest Expense	-10.53	-18.65	-9.29	-3.59	-2.27
Payout Ratios	-	-	-	-	-
Dividend Payout Ratio	21.33%	0.00%	13.28%	96.26%	29.16%
Augmented Payout Ratio	21.33%	0.00%	13.28%	96.26%	29.16%

This table displays calculated financial ratios and metrics derived from OPAL Fuels' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	172,093,369.00	172,374,297.00	172,481,869.00	172,785,542.00	345,643,646.00	-	172,828,514.00	173,370,918.00	173,395,214.00	173,395,214.00	173,400,157.00
DEI Adjusted Shares Outstanding	172,093,369.00	172,374,297.00	172,481,869.00	172,785,542.00	345,643,646.00	-	172,828,514.00	173,370,918.00	173,395,214.00	173,395,214.00	173,400,157.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	0.02	0.00	0.00	0.01	-	0.00	0.00	0.01	0.01	-0.02
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.84%	30.41%	51.20%	28.90%	18.21%	-8.03%	31.49%	13.40%	-0.82%	24.66%	-14.09%
EBITDA Growth	30.60%	-27.75%	437.34%	-90.54%	116.06%	-81.22%	-41.07%	-51.38%	-44.40%	157.67%	-96.29%
EBIT Growth	64.91%	-30.90%	169.17%	-94.10%	225.39%	-98.90%	-114.83%	-96.52%	-71.90%	2,398.13%	-687.50%
NOPAT Growth	285.99%	161.45%	148.25%	177.21%	613.42%	-101.13%	-138.08%	-110.18%	-90.22%	2,006.07%	-149.38%
Net Income Growth	-95.77%	-37.25%	109.22%	-98.33%	7,436.12%	-126.71%	89.66%	296.17%	-33.44%	401.51%	-535.59%
EPS Growth	83.33%	-44.44%	83.33%	-101.52%	1,000.00%	-150.00%	0.00%	400.00%	-44.44%	260.00%	-800.00%
Operating Cash Flow Growth	76.75%	61.95%	228.89%	-85.26%	697.03%	-96.66%	116.35%	-1,577.30%	3.09%	-561.47%	-56.48%
Free Cash Flow Firm Growth	-231.61%	90.68%	81.00%	-11.50%	88.29%	-1,007.65%	-346.06%	-27.00%	-137.67%	287.81%	442.28%
Invested Capital Growth	0.00%	9.40%	6.43%	22.89%	18.46%	31.89%	22.65%	21.84%	23.83%	-50.18%	-64.84%
Revenue Q/Q Growth	29.18%	22.37%	-25.35%	9.23%	18.46%	-4.79%	6.73%	-5.80%	3.61%	19.67%	-26.44%
EBITDA Q/Q Growth	-92.96%	230.54%	-68.31%	28.35%	60.69%	-71.10%	-0.10%	-3.67%	83.77%	32.53%	-98.56%
EBIT Q/Q Growth	-96.52%	496.78%	-80.88%	48.71%	91.78%	-97.98%	-357.68%	134.88%	1,448.75%	79.45%	-181.23%
NOPAT Q/Q Growth	148.85%	494.03%	-83.30%	59.36%	351.33%	-101.97%	-461.27%	57.42%	533.86%	83.81%	-173.43%
Net Income Q/Q Growth	-99.80%	8,751.54%	-96.63%	181.83%	796.59%	-131.37%	123.92%	488.71%	50.63%	42.12%	-134.56%
EPS Q/Q Growth	-101.52%	1,100.00%	-110.00%	0.00%	1,000.00%	-155.56%	80.00%	400.00%	66.67%	60.00%	-212.50%
Operating Cash Flow Q/Q Growth	-181.85%	1,230.18%	-58.98%	-96.11%	3,214.45%	-93.68%	5,678.76%	-126.53%	331.29%	-119.32%	467.04%
Free Cash Flow Firm Q/Q Growth	-457.09%	97.09%	-91.40%	-258.85%	41.51%	-110.76%	34.03%	-2.17%	-9.47%	354.55%	20.23%
Invested Capital Q/Q Growth	7.26%	0.05%	7.13%	6.89%	3.39%	11.39%	-4.28%	6.19%	5.08%	-53.36%	-32.45%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	27.93%	37.82%	26.21%	32.12%	38.88%	34.53%	31.34%	29.10%	30.51%	30.64%	26.61%
EBITDA Margin	11.97%	32.33%	13.73%	16.13%	21.88%	6.60%	6.15%	6.92%	12.27%	13.58%	0.27%
Operating Margin	5.06%	24.57%	5.50%	8.02%	14.65%	-0.43%	-2.27%	-1.03%	4.30%	6.61%	-6.60%
EBIT Margin	5.72%	27.88%	7.14%	9.72%	15.74%	0.33%	-0.81%	0.30%	4.46%	6.69%	-7.38%
Profit (Net Income) Margin	0.32%	23.09%	1.04%	2.69%	20.35%	-6.71%	1.50%	9.40%	13.66%	16.22%	-7.62%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	208.60%	100.00%	-19.01%	-123.37%	-357.94%	-5,905.84%	49.49%
Interest Burden Percent	5.58%	82.83%	14.60%	27.66%	62.00%	-2,010.11%	981.54%	-2,552.92%	-85.58%	-4.11%	208.60%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	-108.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	6.38%	17.57%	3.93%	6.06%	22.95%	-0.21%	-1.14%	-0.50%	2.00%	4.20%	-4.68%
ROIC Less NNEP Spread (ROIC-NNEP)	15.92%	19.73%	18.72%	11.60%	40.54%	18.57%	-22.15%	70.07%	47.18%	-7.79%	-3.27%
Return on Net Nonoperating Assets (RNNOA)	-2.53%	-2.81%	-0.90%	-1.73%	-4.32%	-1.10%	0.61%	1.74%	1.95%	1.56%	1.04%
Return on Equity (ROE)	3.85%	14.76%	3.03%	4.33%	18.63%	-1.31%	-0.54%	1.24%	3.95%	5.76%	-3.64%
Cash Return on Invested Capital (CROIC)	-203.29%	-7.02%	-0.79%	-11.73%	-6.39%	-14.57%	-17.88%	-18.33%	-21.23%	68.33%	96.90%
Operating Return on Assets (OROA)	1.87%	10.20%	2.93%	3.85%	6.22%	0.12%	-0.32%	0.12%	1.68%	2.54%	-2.56%
Return on Assets (ROA)	0.10%	8.45%	0.43%	1.06%	8.04%	-2.46%	0.59%	3.67%	5.15%	6.15%	-2.64%
Return on Common Equity (ROCE)	-7.38%	-22.61%	-4.46%	-4.90%	-21.04%	0.89%	0.19%	-0.40%	-0.71%	-0.97%	-0.24%
Return on Equity Simple (ROE_SIMPLE)	-16.43%	0.00%	-35.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	3.60	21	3.57	5.69	26	-0.24	-1.36	-0.58	2.51	4.62	-3.39
NOPAT Margin	5.06%	24.57%	5.50%	8.02%	30.55%	-0.30%	-1.59%	-0.72%	3.01%	4.63%	-4.62%
Net Nonoperating Expense Percent (NNEP)	-9.53%	-2.16%	-14.79%	-5.53%	-17.59%	-18.78%	21.00%	-70.56%	-45.18%	11.98%	-1.41%
Return On Investment Capital (ROIC_SIMPLE)	-	-7.10%	-1.85%	-9.93%	59.40%	-0.19%	-0.39%	-0.21%	0.75%	93.81%	-8.94%
Cost of Revenue to Revenue	72.07%	62.18%	73.79%	67.88%	61.12%	65.47%	68.66%	70.90%	69.49%	69.36%	73.39%
SG&A Expenses to Revenue	18.67%	12.75%	20.26%	19.31%	15.10%	16.96%	18.70%	21.70%	17.25%	16.22%	20.69%
R&D to Revenue	1.37%	1.03%	1.21%	4.14%	8.09%	10.73%	7.12%	4.32%	3.05%	2.85%	2.47%
Operating Expenses to Revenue	22.87%	13.25%	20.71%	24.11%	24.24%	34.96%	33.62%	30.13%	26.21%	24.03%	33.21%
Earnings before Interest and Taxes (EBIT)	4.07	24	4.64	6.90	13	0.27	-0.69	0.24	3.72	6.67	-5.42
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	8.51	28	8.92	11	18	5.28	5.25	5.56	10	14	0.20
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	5.57	0.00	51.00	0.00	53.17
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	128.02	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	5.98	3.72	3.11	2.40	2.06	1.95	0.99	1.27	1.16	1.17	1.30
Price to Earnings (P/E)	68.97	50.25	42.87	333.03	129.16	1,044.36	495.33	263.05	558.52	95.34	232.93
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.45%	1.99%	2.33%	0.30%	0.77%	0.10%	0.20%	0.38%	0.18%	1.05%	0.43%
Enterprise Value to Invested Capital (EV/IC)	7.03	4.82	4.11	3.29	2.83	2.49	1.53	1.85	1.68	2.65	3.48
Enterprise Value to Revenue (EV/Rev)	11.16	7.05	5.93	4.79	4.09	4.09	2.35	2.93	2.80	1.94	1.79
Enterprise Value to EBITDA (EV/EBITDA)	15.88	11.65	9.91	24.71	18.75	27.75	18.83	27.44	34.09	19.29	22.00
Enterprise Value to EBIT (EV/EBIT)	17.62	13.03	11.01	35.33	25.58	49.06	38.20	74.11	260.96	68.14	115.51
Enterprise Value to NOPAT (EV/NOPAT)	0.00	256.34	77.87	41.14	29.20	21.89	68.45	150.23	2,786.98	130.50	190.46
Enterprise Value to Operating Cash Flow (EV/OCF)	103.28	47.16	34.49	31.48	19.19	37.17	15.90	23.82	22.43	18.56	30.49
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.58	1.87
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.37	0.39	0.42	0.47	0.47	0.60	0.62	0.64	0.67	0.03	0.04
Long-Term Debt to Equity	0.37	0.39	0.41	0.46	0.46	0.57	0.62	0.62	0.65	0.00	0.00
Financial Leverage	-0.16	-0.14	-0.05	-0.15	-0.11	-0.06	-0.03	0.02	0.04	-0.20	-0.32
Leverage Ratio	1.62	1.68	1.66	1.63	1.70	1.77	1.78	1.82	1.83	1.91	1.99
Compound Leverage Factor	0.09	1.39	0.24	0.45	1.05	-35.64	17.49	-46.44	-1.57	-0.08	4.16
Debt to Total Capital	27.12%	27.84%	29.38%	32.13%	32.16%	37.37%	38.26%	39.10%	40.20%	2.94%	3.66%
Short-Term Debt to Total Capital	0.00%	0.00%	0.29%	0.63%	1.00%	1.46%	0.24%	1.04%	1.39%	2.94%	3.66%
Long-Term Debt to Total Capital	27.12%	27.84%	29.09%	31.50%	31.15%	35.91%	38.02%	38.06%	38.81%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	211.46%	147.68%	130.16%	108.63%	93.84%	82.62%	54.15%	64.12%	58.88%	99.58%	94.79%
Common Equity to Total Capital	-139.74%	-75.52%	-59.54%	-40.77%	-26.00%	-19.99%	7.59%	-3.22%	0.93%	-2.52%	1.55%
Debt to EBITDA	1.00	1.14	1.13	3.78	3.33	6.27	7.20	8.62	11.99	0.43	0.71
Net Debt to EBITDA	-0.43	-0.54	-0.32	-0.45	-0.40	0.65	0.68	1.39	2.44	-6.89	-12.39
Long-Term Debt to EBITDA	1.00	1.14	1.12	3.70	3.23	6.03	7.16	8.39	11.58	0.00	0.00
Debt to NOPAT	-26.86	25.08	8.91	6.29	5.19	4.95	26.17	47.21	980.17	2.90	6.16
Net Debt to NOPAT	11.48	-11.82	-2.48	-0.76	-0.62	0.51	2.49	7.61	199.29	-46.59	-107.30
Long-Term Debt to NOPAT	-26.86	25.08	8.82	6.16	5.02	4.75	26.01	45.95	946.31	0.00	0.00
Altman Z-Score	1.84	1.59	1.50	1.27	1.22	0.99	0.94	0.96	0.98	0.94	0.94
Noncontrolling Interest Sharing Ratio	291.73%	253.17%	247.11%	213.17%	212.93%	167.99%	135.44%	132.13%	118.12%	116.76%	93.31%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.78	1.72	1.40	1.29	1.25	1.13	1.15	1.26	1.47	1.18	2.20
Quick Ratio	1.07	1.27	0.95	0.82	0.88	0.69	0.77	0.85	0.99	0.83	1.81
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-371	-11	-21	-74	-43	-120	-92	-94	-103	262	316
Operating Cash Flow to CapEx	-14.62%	155.00%	51.28%	2.32%	76.60%	2.05%	256.61%	-36.05%	66.27%	-35.73%	53.01%
Free Cash Flow to Firm to Interest Expense	-96.54	-2.59	-5.22	-14.86	-8.63	-21.23	-14.29	-14.79	-14.95	32.04	47.49
Operating Cash Flow to Interest Expense	-0.77	8.03	3.46	0.11	3.51	0.20	4.60	-1.24	2.64	-0.43	1.94
Operating Cash Flow Less CapEx to Interest Expense	-6.04	2.85	-3.29	-4.50	-1.07	-9.46	2.81	-4.67	-1.34	-1.63	-1.72
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.33	0.37	0.41	0.40	0.40	0.37	0.39	0.39	0.38	0.38	0.35
Accounts Receivable Turnover	7.59	5.70	7.75	8.83	7.15	6.46	8.48	7.05	6.12	6.44	8.37
Inventory Turnover	14.11	21.01	19.31	18.96	18.01	19.51	17.55	18.58	20.02	22.84	18.99
Fixed Asset Turnover	0.78	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	11.73	8.18	9.14	10.08	11.25	8.83	8.78	8.93	10.22	13.45	12.33
Days Sales Outstanding (DSO)	48.10	64.01	47.08	41.36	51.02	56.49	43.04	51.74	59.61	56.66	43.59
Days Inventory Outstanding (DIO)	25.88	17.37	18.90	19.25	20.27	18.71	20.80	19.65	18.23	15.98	19.22
Days Payable Outstanding (DPO)	31.13	44.61	39.92	36.20	32.43	41.35	41.56	40.87	35.70	27.15	29.60
Cash Conversion Cycle (CCC)	42.85	36.77	26.06	24.41	38.86	33.85	22.27	30.52	42.14	45.49	33.21
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	374	374	401	429	443	494	492	522	549	256	173
Invested Capital Turnover	1.26	0.72	0.72	0.76	0.75	0.69	0.72	0.69	0.66	0.91	1.01
Increase / (Decrease) in Invested Capital	374	32	24	80	69	119	91	94	106	-258	-319
Enterprise Value (EV)	2,631	1,805	1,649	1,408	1,254	1,228	753	967	923	677	602
Market Capitalization	1,411	952	866	707	631	586	318	420	381	408	437
Book Value per Share	($4.96)	($2.78)	($2.22)	($1.58)	($1.04)	($0.86)	$0.33	($0.14)	$0.04	($0.07)	$0.05
Tangible Book Value per Share	($5.28)	($3.10)	($2.54)	($1.90)	($1.37)	($1.18)	$0.01	($0.46)	($0.27)	($0.39)	($0.27)
Total Capital	610	634	642	670	693	743	752	777	807	513	531
Total Debt	166	177	189	215	223	277	288	304	325	15	19
Total Long-Term Debt	166	177	187	211	216	267	286	296	313	0.00	0.00
Net Debt	-71	-83	-53	-26	-27	29	27	49	66	-242	-339
Capital Expenditures (CapEx)	20	22	27	23	23	54	12	22	27	9.85	24
Debt-free, Cash-free Net Working Capital (DFCFNWC)	11	1.11	-2.98	-0.70	-0.18	-0.83	-24	3.06	20	7.91	1.64
Debt-free Net Working Capital (DFNWC)	48	54	32	28	32	24	17	33	51	34	136
Net Working Capital (NWC)	48	54	30	24	25	14	15	25	39	18	116
Net Nonoperating Expense (NNE)	3.37	1.29	2.89	3.78	8.57	5.12	-2.64	-8.14	-8.87	-12	2.20
Net Nonoperating Obligations (NNO)	-71	-83	-53	-26	-27	29	27	49	66	-242	-339
Total Depreciation and Amortization (D&A)	4.45	3.87	4.28	4.55	5.16	5.02	5.94	5.32	6.51	6.88	5.61
Debt-free, Cash-free Net Working Capital to Revenue	4.63%	0.43%	-1.07%	-0.24%	-0.06%	-0.28%	-7.61%	0.93%	5.93%	2.27%	0.49%
Debt-free Net Working Capital to Revenue	20.23%	20.98%	11.58%	9.47%	10.35%	8.15%	5.17%	10.10%	15.35%	9.61%	40.31%
Net Working Capital to Revenue	20.23%	20.98%	10.91%	8.04%	8.09%	4.53%	4.61%	7.65%	11.94%	5.29%	34.53%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.01)	$0.11	($0.01)	$0.00	$0.09	($0.05)	($0.01)	$0.03	$0.05	$0.08	($0.09)
Adjusted Weighted Average Basic Shares Outstanding	26.98M	27.15M	27.37M	0.00	27.71M	27.62M	27.72M	28.27M	28.28M	28.14M	28.30M
Adjusted Diluted Earnings per Share	($0.01)	$0.10	($0.01)	$0.00	$0.09	($0.05)	($0.01)	$0.03	$0.05	$0.08	($0.09)
Adjusted Weighted Average Diluted Shares Outstanding	26.98M	27.49M	27.37M	0.00	27.74M	27.69M	27.72M	29.23M	29.59M	29.25M	28.30M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	172.37M	172.48M	172.79M	0.00	172.83M	172.83M	173.37M	173.40M	173.40M	173.40M	174.76M
Normalized Net Operating Profit after Tax (NOPAT)	2.52	15	2.50	3.98	8.62	-0.24	-1.36	-0.58	2.51	4.62	-3.39
Normalized NOPAT Margin	3.54%	17.20%	3.85%	5.61%	10.25%	-0.30%	-1.59%	-0.72%	3.01%	4.63%	-4.62%
Pre Tax Income Margin	0.32%	23.09%	1.04%	2.69%	9.76%	-6.71%	-7.91%	-7.62%	-3.82%	-0.27%	-15.40%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.06	5.82	1.17	1.38	2.63	0.05	-0.11	0.04	0.54	0.81	-0.82
NOPAT to Interest Expense	0.94	5.13	0.90	1.14	5.11	-0.04	-0.21	-0.09	0.36	0.56	-0.51
EBIT Less CapEx to Interest Expense	-4.21	0.64	-5.58	-3.23	-1.96	-9.61	-1.90	-3.39	-3.45	-0.39	-4.48
NOPAT Less CapEx to Interest Expense	-4.34	-0.05	-5.85	-3.47	0.52	-9.70	-2.00	-3.52	-3.62	-0.64	-4.18
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	12.06%	13.28%	16.54%	109.47%	28.17%	96.26%	73.65%	52.01%	71.96%	29.16%	38.77%
Augmented Payout Ratio	12.06%	13.28%	16.54%	109.47%	28.17%	96.26%	73.65%	52.01%	71.96%	29.16%	38.77%

Financials Breakdown Chart

Key Financial Trends

OPAL Fuels’ latest quarter shows a business that is still generating meaningful revenue and operating cash flow, but with a balance sheet structure that looks highly leveraged and somewhat complicated by a large redeemable noncontrolling interest. The big picture is mixed: operating performance improved sharply versus the prior quarter, but profitability remains inconsistent and the company still relies on financing activity to support growth.

Q1 2026 revenue rose to $73.4 million, up from $66.8 million in Q1 2025, showing continued top-line growth year over year.
Gross profit reached $19.5 million in Q1 2026, with gross margin around 26.6%, indicating the company is still able to convert revenue into solid gross profit.
Operating cash flow was $12.9 million in Q1 2026, a strong improvement from negative $3.5 million in Q4 2025.
The company ended Q1 2026 with $133.2 million in cash and equivalents, up sharply from $29.9 million at the end of Q3 2025.
Current assets of $213.4 million exceed current liabilities of $97.1 million, suggesting short-term liquidity is manageable on a basic current-ratio basis.
Q1 2026 net income was a loss of $5.6 million, but this was better than the $16.2 million profit in Q4 2025 and much weaker than the prior-year quarter’s positive results.
Interest expense remains heavy at $6.6 million in Q1 2026, which continues to pressure earnings.
The company spent $24.4 million on capital expenditures in Q1 2026, showing ongoing investment in the business.
Total liabilities were $548.7 million versus only $18.4 million in total equity and noncontrolling interests, highlighting a highly leveraged capital structure.
Redeemable noncontrolling interest was $493.5 million in Q1 2026, a very large obligation-like balance that investors need to understand carefully.
Common shareholders’ income remained weak at only $2.6 million loss in Q1 2026 after preferred dividends and noncontrolling interest allocations.

Looking at the longer trend, OPAL has shown periods of strong operating performance, especially in mid-to-late 2024 and Q4 2025, but quarterly results have been volatile. Revenue generally trended upward from 2024 into 2025, yet quarterly profitability swung from gains to losses, largely because of interest expense, taxes, and noncontrolling interest effects.

The balance sheet also changed materially over the last year. In Q1 2025, OPAL had $884.9 million in total assets and $296.0 million in liabilities, but by Q1 2026 total assets were $1.06 billion and liabilities had grown to $548.7 million. That asset growth is partly positive, but the liability increase suggests the company has been funding expansion with substantial debt and other obligations.

For retail investors, the main takeaway is that OPAL is still a growth-and-capital-structure story more than a clean earnings story. Cash generation improved in the latest quarter, which is encouraging, but the company’s leverage, interest burden, and redeemable noncontrolling interest make the equity harder to analyze and potentially riskier than a simple revenue-and-profit profile would suggest.

07/10/26 07:42 AM ETAI Generated. May Contain Errors.

OPAL Fuels Financials - Frequently Asked Questions

According to the most recent income statement we have on file, OPAL Fuels' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

OPAL Fuels' net income appears to be on a downward trend, with a most recent value of $36.41 million in 2025, falling from $40.77 million in 2021. The previous period was $14.33 million in 2024. View OPAL Fuels' forecast to see where analysts expect OPAL Fuels to go next.

OPAL Fuels' total operating income in 2025 was $7.41 million, based on the following breakdown:

Total Gross Profit: $106.18 million
Total Operating Expenses: $98.77 million

Over the last 4 years, OPAL Fuels' total revenue changed from $166.12 million in 2021 to $348.98 million in 2025, a change of 110.1%.

OPAL Fuels' total liabilities were at $461.71 million at the end of 2025, a 11.0% increase from 2024, and a 61.5% increase since 2021.

In the past 4 years, OPAL Fuels' cash and equivalents has ranged from $24.31 million in 2024 to $40.39 million in 2022, and is currently $24.41 million as of their latest financial filing in 2025.

Over the last 4 years, OPAL Fuels' book value per share changed from 0.00 in 2021 to -0.07 in 2025, a change of -18,750.0%.

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Financial statements for NASDAQ:OPAL last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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OPAL Fuels (OPAL) Financials

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OPAL Fuels (OPAL) Financials

Annual Income Statements for OPAL Fuels

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Quarterly Cash Flow Statements for OPAL Fuels

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Quarterly Balance Sheets for OPAL Fuels

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Quarterly Metrics And Ratios for OPAL Fuels

Financials Breakdown Chart

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OPAL Fuels Financials - Frequently Asked Questions

When does OPAL Fuels' fiscal year end?

How has OPAL Fuels' net income changed over the last 4 years?

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How has OPAL Fuels' revenue changed over the last 4 years?

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